Lloyd's syndicates are groups of investors who come together to provide insurance coverage at Lloyd's of London, a renowned insurance market. Each syndicate operates independently and underwrites specific types of risks, such as property, marine, or liability insurance. Members, known as "syndicate members," contribute capital and share in the profits or losses based on the performance of the risks they underwrite. These syndicates are managed by syndicate managers, who are responsible for making underwriting decisions and managing the day-to-day operations. The collaborative structure allows for a diverse range of risks to be covered, enabling Lloyd's to offer specialized insurance solutions to clients worldwide.